Editor’s Note
A government-run diamond auction is set to begin in Panna, Madhya Pradesh, on February 21. Featuring 217 diamonds totalling 307.03 carats, the event offers stones extracted from the region’s shallow mines, with an estimated collective value of approximately ₹4 crore.
A diamond auction will be held in Panna, Madhya Pradesh, starting February 21. Approximately 217 diamonds with a total value of around 4 crore rupees will be put up for auction. These diamonds have a total weight of 307.03 carats. The auction is conducted by the government for diamonds extracted from the shallow diamond mines in Panna district.
The special feature of this diamond market is that it will include diamonds worth about four crore rupees. Among them is a rare, high-quality diamond weighing 11.88 carats. The auction will also include rough and industrial-grade diamonds. In addition, more than six large diamonds will be the center of attraction at this market. The previous auction in Panna was held on October 18, 2022, where 204 diamonds weighing 355.96 carats were offered. Due to low demand in the international market, only 49 diamonds weighing 73.42 carats were successfully auctioned at that time.
To participate in the diamond market, traders, firms, or companies must register by depositing a security amount of five thousand rupees. The highest bidder who purchases a diamond must immediately deposit 20% of the total price. Failure to do so will result in the bid being canceled. The remaining 80% of the amount must be deposited by the buyer within 30 days. Failure to comply will lead to the forfeiture of the security deposit. The diamond auction will commence on February 21 and will continue until all diamonds are sold.